Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Hess Corp., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019		Dec 31, 2018
	Cash and cash equivalents
	From contracts with customers
	Joint venture and other
	Accounts receivable
	Inventories
	Other current assets
	Current assets
	Property, plant and equipment, net
	Finance lease right-of-use assets, net
	Property, plant and equipment, net, including finance lease right-of-use assets
	Operating lease right-of-use assets, net
	Goodwill
	Deferred income taxes
	Post-retirement benefit assets
	Other assets
	Noncurrent assets
	Total assets

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Cash and Cash Equivalents: The cash and cash equivalents show a declining trend from 2018 to 2019, decreasing from $2,694 million to $1,545 million. This was followed by an increase in 2020 and continued growth through 2021, reaching $2,713 million, before slightly retreating to $2,486 million in 2022.
From Contracts with Customers: This category exhibits variability over the five years, with an initial increase from $771 million in 2018 to $940 million in 2019. It then declines to $710 million in 2020, followed by a substantial increase in 2021 to $1,062 million, which slightly decreases to $1,041 million in 2022.
Joint Venture and Other: The joint venture and other assets steadily decrease over the period, starting at $230 million in 2018 and gradually declining to $121 million in 2022, indicating a reduction or divestiture of joint venture interests or similar assets.
Accounts Receivable: Accounts receivable experienced an increase from $1,001 million in 2018 to $1,170 million in 2019, followed by a decline to $860 million in 2020. The figure rose again in 2021 to $1,211 million and slightly decreased to $1,162 million in 2022, suggesting fluctuations in sales or collection patterns.
Inventories: Inventory levels increased from $245 million in 2018 to $378 million in 2020 but then sharply decreased over the next two years, reaching $217 million in 2022. This reflects possible changes in inventory management, sales demand, or supply chain conditions.
Other Current Assets: Other current assets show a significant decline from $519 million in 2018 to $66 million in 2022, with a noticeable drop between 2018 and 2020. This could indicate either utilization or reclassification of such assets.
Current Assets: Current assets overall decrease from $4,459 million in 2018 to $3,081 million in 2020 but recover in 2021 to $4,346 million and slightly fall again to $3,931 million in 2022, reflecting the combined effects of the components discussed above.
Property, Plant and Equipment, Net: This asset class increased from $16,083 million in 2018 to a peak of $16,814 million in 2019, followed by a significant decline to $14,115 million in 2020. A relatively stable pattern is observed in 2021, then a moderate increase to $15,098 million in 2022, indicating investment fluctuations or asset disposals.
Finance Lease Right-of-Use Assets, Net: Beginning data is unavailable for 2018, but from 2019, this asset decreased steadily from $299 million to $126 million by 2022, suggesting a reduction in finance lease obligations or asset usage.
Property, Plant and Equipment, Net, Including Finance Lease Right-of-Use Assets: This combined metric mirrors the trend of the underlying property and finance lease assets, showing a peak in 2019 at $17,113 million, a sharp decline in 2020, followed by recovery and moderate growth through 2022.
Operating Lease Right-of-Use Assets, Net: Data starts in 2019 with $447 million, declining to $352 million in 2021, before rebounding to $570 million in 2022, which might reflect changes in operating lease agreements or capital management strategies.
Goodwill: Goodwill remains constant at $360 million throughout the period, indicating no significant acquisitions or impairments affecting this asset.
Deferred Income Taxes: Deferred income taxes increased from a low of $21 million in 2018 to $133 million in 2022, suggesting changes in the tax position or timing differences in recognizing taxable income and expenses.
Post-Retirement Benefit Assets: This category is absent in early years but grows substantially from $45 million in 2020 to $648 million in 2022, indicating an increasing recognition of post-retirement benefit assets.
Other Assets: Other assets show a positive trend, increasing from $510 million in 2018 to $829 million in 2022, signifying growing miscellaneous or long-term asset items.
Noncurrent Assets: Noncurrent assets peaked at $18,626 million in 2019, decreased to $15,740 million in 2020, before gradually increasing to $17,764 million in 2022, tracking the overall capital asset trends and other long-term holdings.
Total Assets: Total assets display a relatively stable trend, fluctuating between $21,433 million in 2018 and $21,695 million in 2022, with a notable decrease in 2020 to $18,821 million. This pattern suggests resilience, with a temporary decline possibly linked to asset disposals or impairments during 2020.

Assets: Selected Items

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Current Assets: Selected Items